Channels.Ind – Early economic performance cycles

SUMMARY: HDFC DAILY (HDFC) Prices seem to be in an A-B-C corrective structure down. Key supports lie at 2,540-2,350 levels. Relative performance cycles (right) suggest an underperformance of HDFC for the weeks ahead, which is in sync with our C leg down scenario. HDFC BANK DAILY (HDBK) As anticipated, prices completed the minor impulse up near key resistance levels at 1,800. HDBK is the second top potential underperformer stock for the next few weeks according to our NR. This suggests that we could see a deeper retracement here. Sub key 1,650 we continue to look lower till next FIB targets at 1,600-1,540 levels or even lower. STATE BANK OF INDIA DAILY (SBI) SBI remains the top potential underperformer stock for the weeks ahead. Performance cycles (right) have topped. This is in sync with our Elliott count which suggests an incomplete C leg down. Sub key levels at 2,100 we should get more negative confirmation. TCS DAILY (TCS) Prices are completing the minor impulsive structure up. Performance cycles (right) seem to be topping and suggest a further underperformance of TCS for the weeks ahead. This means that we can expect a turn from current resistances. MAHINDRA DAILY (MAHM) The overlapping structure suggests a potential ENDING DIAGONAL here. This scenario is also in sync with the relative performance cycles which suggest an underperformance of MAHM for the weeks ahead. Sub key 1,100 we remain negative.
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CHANNELS.INDIA is our second perspective product published on MONDAY, WEDNESDAY and FRIDAY. The report uses conventional technical tools and covers most top traded stocks. The report illustrates key price levels, price targets, price projections and time turn windows. WAVES.INDIA, CHANNELS.INDIA are bundled together as PERSPECTIVE products. Unlike WAVES which focuses more on blue chips, CHANNELS covers the other mid cap and small cap stocks also. CHANNELS.INDIA carries the Early Economic cycle sector components, which includes FINANCIAL and DISCRETIONARY sector stocks, the Mid Economics cycles sector which includes INDUSTRIAL sector stocks and the Late Economic Sector cycle including ENERGY, STAPLES, UTILITIES, PHARMA, CHEMICALS sector stocks. REUTERS EARLY ECONOMIC RICS DLF.NS, HDFC.NS, HDBK.NS, ICBK.NS, SBI.NS, INFY.NS, TCS.NS, MAHM.NS, UNTE.NS, TITN.NS REUTERS MID ECONOMIC RICS ASOK.NS, TAMO.NS, CROM.NS, BHEL.NS, LART.NS, MTNL.NS, IDEA.NS, BRTI.NS, RLCM.NS, TATA.NS REUTERS LATE ECONOMIC RICS ONGC.NS, RLIN.NS, NTPC.NS, ACC.NS, HALC.NS, TISC.NS, ABUJ.NS, CIPL.NS, RANB.NS, ITC.NS
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